Oklahoma City is the most affordable metropolitan area in the country for first-time homebuyers, according to a new report, offering struggling Americans the chance to step on the property ladder without breaking the bank.
“The Big Friendly,” based on an analysis conducted by Neighbors Bank, currently offers the nation’s best combination of relatively low home prices, financing options and quality of life. While it might not have the absolute lowest home price tag in the U.S., Oklahoma City allows first-time homebuyers to stretch their paychecks the furthest and tap into government programs that would help them make their lives a little bit more affordable—and enjoyable.
Where First-Time Homebuyers Can More Easily Set Foot on the Property Ladder
These are the top ten most affordable metro areas for first-time homebuyers, according to Neighbors Bank:
- Oklahoma City, OK
- Huntington-Ashland, WV-KY-OH
- Lubbock, TX
- Baton Rouge, LA
- Pittsburgh, PA
- St. Louis, MO-IL
- Jackson, MS
- Indianapolis-Carmel-Greenwood, IN
- Cincinnati, OH-KY-IN
- Chicago-Naperville-Elgin, IL-IN-WI
All of these metros have average housing payments at or below 30 percent of the local median household income—the level at which a household is considered cost-burdened. Residents also enjoy good incomes while paying relatively low property and sales tax bills—all factors that researchers used to measure affordability. And there are high shares of FHA, VA and USDA loans.
The analysis also considered the quality of life that metro areas offered—including cultural attractions and outdoor recreation.
What Makes These Metros So Affordable?
According to Jake Vehige, president of Mortgage Lending at Neighbors Bank, “a powerful combination of three key factors that align perfectly for first-time buyers” makes these metros so affordable…